Use the following information for questions 4 through 6. Transactions for the month of June were: Assuming that periodic inventory, the ending inventory on a LIFO basis is Assuming that perpetual inventory records are kept, the ending inventory on a LIFO basis is Assuming that perpetual inventory records are kept, the ending inventory on a FIFO basis is On March 15, a fire destroyed Interlock Company's entire retail inventory. The inventory on hand as of January 1 totaled $3, 300,000. From January 1 through the time off the fire, the company made purchases of $1, 366,000, incurred freight-in of $156,000, and had sales of $2, 420,000. Assuming the rate of gross profit to selling price is 30% what is the approximate value of the inventory that was destroyed? Given the historical cost of product Z is $80, the selling price of product Z is $95, costs to sell product Z are is, the replacement cost for product Z is $83, and the normal profit margin is 40% of sales price, what is the amount that should be used to value the inventory under the lower-of-cost-or-market method?$46. $80. $84. $83. None of the above